Rs 6.21 lakh crore allocation to Ministry of Defence in Interim Union Budget 2024-25

• In the current geopolitical scenario and with the twin objective of promoting self reliance and exports, the Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25.
• This comes out to be 13.04% of total Union Budget, which was presented by Finance Minister Smt Nirmala Sitharaman in Parliament on February 01, 2024.
• The Ministry of Defence (MoD) continues to receive the highest allocation among the Ministries. The budgetary allocation to Defence for FY 24-25 is higher by approx.  one lakh crore (18.35%)  over  the  allocation for the FY 2022-23 and 4.72% more than allocation of FY 23-24.
• Of this, a major share of 27.67% goes to capital, 14.82% for revenue expenditure on sustenance and operational preparedness, 30.68% for Pay and allowances, 22.72% for defence pensions and 4.11% for civil organisations under MoD.
• Budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore which is 20.33% higher than the actual expenditure of FY 22-23 and 9.40 % more than the Revised Allocation  of FY 23-24. The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed to fill the critical capability gaps through modernisation of the Armed Forces by materialising some  big ticket acquisitions in FY 2024-25. The enhanced budgetary allocation will facilitate in equipping the  Armed Forces with state-of-the-art, niche technology lethal weapons, Fighter Aircraft, Ships, Platforms, Unmanned Aerial Vehicles, Drones, Specialist Vehicles etc.

Five Integrated Aquaparks to be setup

• In a bid to boost Fisheries sector, Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman has said that five integrated aquaparks will be setup. While presenting the Interim Budget 2024-25 in Parliament.
• The implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to: (i) enhance aquaculture productivity from existing 3 to5 tons per hectare; (ii) double exports to ` 1 lakh crore; (iii) generate 55 lakh employment opportunities in the near future.

 

Blue Economy 2.0

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  The Minister announced that for promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

 

Dairy Development

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  India is the world’s largest milk producer but with low productivity of milch-animals.The programme will be built on the success of existing schemes such as Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

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Published date : 02 Feb 2024 05:00PM